The hack of Flutterwave, Africa’s largest startup by private valuation, has raised concerns about the security of mobile billion-dollar startups. The attack came to light last month and resulted in over ₦2.9 billion (~$4.2 million) missing from its accounts. While the extent of the damage is still unknown, this incident could challenge the growth of mobile startups in Africa and highlight some flaws in their security measures.
The unknown actors responsible for transferring the missing funds across 28 accounts in 63 transactions are still at large, according to reports. Flutterwave, via legal counsel and law enforcement parties, has filed a motion and seeks to freeze accounts across 27 financial institutions that interacted with the missing funds. With investigations ongoing, it remains unclear just how much money was stolen in this incident.
It has come to light that an attack occurred on Sunday, February 11, 2016 that impacted 107 Twitter accounts. Some of the accounts were hacked, while others may have been effected by a virus. One of the planned objectives of this attack was to freeze individual bank account holders’ access to their money. However, because this was not successful, Twitter decided to place 107 accounts on lien/PND which restricts bank customers from withdrawing funds from their accounts.
Many of the merchants who were affected by the Flutterwave hack are now calling for a change in security measures, as their keys were seemingly compromised without their permission. Merchants say that they should be given more control over their security and be required to undergo an authentication process before accessing their money.
“We can definitively say that Flutterwave has not been hacked and our systems are functioning as they should. We would like to thank everyone for their concerns and continue to assure them that we are working hard to maintain the safety and security of our platform.”
At Flutterwave, we understand that our customers’ personal and financial information is of the utmost importance. We take this responsibility seriously and understand that any potential security breach can cause anxiety and concern among our customers. We want to reassure you that Flutterwave has not been hacked. As a financial institution, we monitor transactions through our transaction monitoring systems and 24-hour fraud desk and review any suspicious activity. We collaborate with other financial institutions and law enforcement agencies to keep our ecosystem safe and secure.
During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (inline with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible.
We want to confirm that no user lost any funds, and we take pride in the fact that our security measures were able to address the issue before any harm could be done to our users.
Our commitment to keeping our users’ financial information safe and secure is why we invest heavily in security initiatives such as periodic audits, certifications, and licenses such as the PCI-DSS & ISO 27001. These are in line with global best practices in information security management.
We want you to continue to trust us and feel secure in using Flutterwave for your business needs. Our commitment is to enable your business growth while keeping your financial information safe and secure.
Since becoming a financially secure company, Flutterwave has made concerted efforts to protect the personal information of its customers. As protocols have evolved in order to ensure the safety and security of our ecosystem, we continually review our procedures for protecting customer data. We have not been hacked and remain committed to providing quality service with the confidentiality and security of our customers as top priorities.
The security team’s review quickly revealed that some users who had not activated our recommended security settings might have been susceptible to a cyberattack. Because these users were not fully protected, their profiles may have appeared anomalous to our system – raising the possibility of a financial fraud.
The team at Coinbase is committed to ensuring that our users always have the best experience possible. In the event that a user’s account was compromised, we took swift action to address the issue and prevent any loss of funds. We take pride in our security measures, and are glad that they were able to resolve this issue before any harm could be done.
We believe that our rigorous security measures help protect our users’ financial information from unauthorized access. By adhering to global best practices in information security management, we are ensured that our users’ data is safe and secure.
As a business, you rely on Flutterwave to store and manage your financial information. We take great care in keeping your information safe and secure, and are committed to helping you grow your business. We hope that you continue to trust us, and feel confident using our services for years to come.
You may have recently heard some claims on Flutterwave’s security. We want to assure you that Flutterwave has not been hacked, and no customer funds were lost.
Thank you for choosing us 🦋
Read more here 🙏🏾: pic.twitter.com/o3KfChucJ9
— Flutterwave (@theflutterwave) March 5, 2023
When the company announced their security concerns, many were concerned that Flutterwave had been hacked. However, it was later revealed that these concerns were not warranted and customers funds are safe. This is a great example of how important it is to regularly check up on your business’s security status.
We are excited to offer our customers the best possible experience on our platform. From fast and easy transactions to quality products, we strive to provide everything you need and want
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